Asia

IKEA sees higher demand in Europe driven by home furnishings – CEO

Reuters | January 20, 2023

By Divya Chowdhury and Savio Shetty DAVOS, Switzerland (Reuters) – Ingka Group, the owner of most IKEA stores, sees demand in Europe to continue rising in the current fiscal year, driven by strong demand for home furnishings that has outlasted coronavirus lockdowns, the company’s CEO said. “We are right now optimistic that this would be […]

With a sale of Chinese yuan, Russia kicks off 2023 forex intervention

Reuters | January 11, 2023

By Guy Faulconbridge and Darya Korsunskaya MOSCOW (Reuters) -Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China’s currency in Moscow’s efforts to ensure economic stability amid Western sanctions. After the West imposed the most severe sanctions in modern history over the war in […]

Global stocks close in on 4-week highs, oil rises on hopes of ‘soft landing’

Reuters | January 9, 2023

By David Randall NEW YORK (Reuters) -World stocks rallied on Monday to their highest levels since mid-December after China reopened its borders while benchmark Treasury yields drifted lower as investors scaled back expectations for further rate hikes by the Federal Reserve. The gains were broad across global equity markets, with Europe’s STOXX 600 near a […]

Dollar jumps, U.S. stocks buck global rally

Reuters | January 3, 2023

By Amanda Cooper and Koh Gui Qing LONDON/NEW YORK (Reuters) -The dollar jumped on Tuesday as oil prices sank, while U.S. stocks bucked a global equities rally in a macro-packed week that could offer a steer on when and where U.S. interest rates might peak. The MSCI All-World index fell 0.2%, dragged by losses in […]

Russia’s Yandex co-founder Volozh pens farewell message to staff

Reuters | December 30, 2022

By Alexander Marrow MOSCOW (Reuters) -The co-founder of Russian internet giant Yandex, Arkady Volozh, said goodbye in an internal message to staff on Friday ahead of a corporate restructuring that could see ownership of many of the firm’s core services change hands. Volozh stepped down as CEO and left the board of directors after the […]

Exclusive-Russia likely to buy yuan on FX market in 2023 – sources

Reuters | December 22, 2022

By Elena Fabrichnaya MOSCOW (Reuters) – Russia will start buying yuan on the currency market next year if oil and gas revenues meet expectations, two sources said, opening a new front in an accelerating dedollarisation drive designed to reduce its dependency on Western finance. Western sanctions on Moscow over its actions in Ukraine have curbed […]

Russian rouble heads towards five-month low against dollar

Reuters | December 15, 2022

By Jake Cordell (Reuters) -The Russian ruble hit its weakest level against the U.S. dollar in more than five months on Thursday before paring losses as the West’s price cap on Russia’s oil exports increased selling pressure. The ruble fell to 64.95 against the U.S. dollar in early trade in Moscow for its lowest reading […]

Trump metal tariffs ruled in breach of global rules by WTO

Reuters | December 9, 2022

By Emma Farge and Philip Blenkinsop GENEVA (Reuters) -The World Trade Organization ruled on Friday that U.S. tariffs imposed on steel and aluminium imports by then President Donald Trump contravened global trading rules in a judgment immediately criticized by Washington. In one of the most high-profile and potentially explosive cases to come to the WTO, […]

Musk taps Tesla’s China chief to run Texas gigafactory – Bloomberg News

Reuters | December 8, 2022

(Reuters) – Tesla Inc chief Elon Musk has roped in longtime executive and the company’s president in China, Tom Zhu, to help run the carmaker’s new plant in Austin, Texas, Bloomberg News reported late on Wednesday. Zhu, who joined Tesla in 2014 and is heading Tesla’s Asia Pacific operations, is in Austin this week. He […]

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